Carrefour Proposes Buyout of Brazilian Grocery Unit Atacadao [Yahoo! Finance Canada]
CARREFOUR SA S/ADR (CRRFY)
NASDAQ:AMEX Investor Relations:
carrefour.com/content/investors-contact
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Source: Yahoo! Finance Canada
(Bloomberg) -- French grocer Carrefour SA submitted a proposal for a take-private of its Brazilian subsidiary Atacadao SA. Most Read from Bloomberg Atacadao said in a statement that its management had received a proposal from Carrefour — its controlling shareholder — that would make it a wholly owned subsidiary. The statement confirmed an earlier report by Bloomberg News that Paris-listed Carrefour was working with advisers on a deal to acquire the Atacadao shares that it doesn't already own. Carrefour is offering 7.70 Brazilian reais each for Atacadao's shares, representing a 19% premium to their closing price Monday. Shares of the Brazilian unit, which went public in 2017, jumped as much as 13% Tuesday before trading was halted in Sao Paulo. After trading resumed, the stock soared as much as 19% and was up 15% to 7.45 reais a share, giving the company a market value of about 15.8 billion reais ($2.63 billion). Carrefour owns nearly 70% of Atacadao, also known as Carrefour
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